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China's Nio plans new brand to take on Tesla in China

EV maker targets new models for mass market as loss narrows

HONG KONG -- Chinese premium electric vehicle maker Nio plans to launch a mass-market brand to take on Tesla, and will roll out three new models next year as it tries to widen its customer base.

The planned models include its first premium sedan, the ET 7, and a cheaper variant to add to Nio's current lineup of three sport utility vehicles as it leans on falling battery costs and rising production volumes to keep prices down, William Li, Nio's chairman and chief executive, said after the company unveiled a smaller quarterly loss.

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